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Property profile & analytics
FOR SALE
Office buildings
421 Madison Ave, Covington, KY 41011
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US34-2356692
For Sale
1 / 2
$989,000
421 Madison Ave, Covington, KY 41011
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Total area
9,270 SF
Lot
0.13 ac (5,700 SF)
APN
054-21-17-008.00
UPID
US34-2356692
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Daniel T. Guidugli Law Firm
-
Morgan & Smith Law Firm
-
Porter Jack L Law Firm
-
Ky Post News Department Publishing House Newspaper & Magazine
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$775k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$910k
Blend (final)
Blend
$835k
Owner & transaction history
Scott Professional Properties LLC · 4 yrs held
Scott Professional Properties LLC
since 2022
Last sale
$853,000
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.2M
+25.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Covington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Covington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$770,000
ML approach
$775,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$970,000
Current use
RESTAURANT
$1,220,000
Change: +26% · Conversion: Moderate
RETAIL STORES
$815,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$835k
Range $752k – $919k · ±10% · vs last sale $853k (Mar 4 2022)
Last sale anchor
$853k
Mar 4 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$90 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$11,362
Tax year 2023
Assessed value
$853,000
Assessed 2023
Previous assessed
$798,500
+6.8% YoY
Effective rate
1.33%
On assessed value
Assessed land
$84,500
Assessed improvement
$768,500
Land market value
$84,500
Improvement market value
$768,500
Total market value
$853,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Sale
Heating
NONE
Total area
9,270 SF
Lot
0.13 ac (5,700 SF)
APN
054-21-17-008.00
UPID
US34-2356692
Jurisdiction
KENTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$970,000
RESTAURANT
Est. value
$1.2M
RETAIL STORES
Est. value
$815,000
OFFICE BUILDING Current
RESTAURANT
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
NONE
Lot
0.13 ac
Current owner
From public records · entity-resolved
Scott Professional Properties LLC
Entity
Mailing address
1106 MAIN ST, MILFORD, OH 45150-1706
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 4, 2022
$853,000
Scott Professional Properties LLC
James W Morgan JR
Warranty Deed
$430,000 · Heartland Bank
Aug 31, 2017
—
James W Morgan JR.
—
Deed
related
$250,000 · Heritage Bk
Aug 23, 2017
$324,500
James W Morgan JR
Bardonaro,deborah L
Quit Claim Deed
related
—
Oct 7, 2004
$195,000
James W Morgan JR.
Gannett Satellite Information
Grant Deed
$100,000 · Bank Of Kentucky
—
—
James W Morgan JR.
—
Deed Of Trust
related
$250,000 · Heritage Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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